Singapore stocks fall on Nov 14, tracking regional peers
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Across the broader market on Nov 14, gainers trailed losers 172 to 440 as 1.4 billion securities worth $1.8 billion changed hands.
PHOTO: ST FILE
Benjamin Cher
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- Singapore's STI fell 0.7% to 4,546.07, mirroring regional market declines with losers outpacing gainers.
- Venture led STI losses, down 3.3% after reporting lower revenue and earnings; local banks also declined.
- Investors are focusing on tech valuations and interest rate expectations amid hawkish Fed remarks (Jose Torres, Interactive Brokers).
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SINGAPORE – Singapore stocks ended lower on Nov 14, tracking regional benchmarks.
The benchmark Straits Times Index (STI) lost 0.7 per cent or 29.84 points to finish at 4,546.07. Meanwhile, the iEdge Singapore Next 50 Index gained 0.1 per cent or 1.54 points to 1,461.39.
Across the broader market, gainers trailed losers 172 to 440 after 1.5 billion securities worth $1.8 billion changed hands.
Key regional indexes were negative. Hong Kong’s Hang Seng Index lost 1.9 per cent, Japan’s Nikkei 225 fell 1.8 per cent, South Korea’s Kospi declined 3.8 per cent and Malaysia’s KLCI dipped 0.4 per cent.
Thai Beverage led the gainers on Singapore’s blue-chip index, rising 1.1 per cent or 0.5 cent to 47.5 cents.
The worst performer among STI constituents was Venture Corp, which fell 3.3 per cent or 50 cents to close at $14.56. This followed Venture’s third-quarter business update released after Nov 13’s market close, which reported a decline in revenue and earnings per share.
The local banks all ended lower. DBS lost 0.4 per cent or 22 cents to finish at $53.99, OCBC Bank fell 0.8 per cent or 14 cents to $18.52, and UOB was down 0.3 per cent or 10 cents at $34.
Investors are turning their focus to tech valuations amid hawkish remarks from the US Federal Reserve, said Mr Jose Torres, senior economist at Interactive Brokers. Questions are swirling over whether significant capital expenditure on artificial intelligence will result in elevated returns, and whether interest rates will see another cut.
“Stocks and Treasuries are sinking simultaneously in broad fashion, as bulls and bears alike await the resumption of economic data from federal agencies to justify the addition or removal of risk from portfolios,” said Mr Torres. THE BUSINESS TIMES
